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Thursday, September 25, 2008

Michael Bloomberg - Origins of the Economic Crisis

Michael Bloomberg, Mayor of New York City and founder of Bloomberg, L.P., discusses the origins of the U.S. subprime mortgage crisis.-----Mayor Michael Bloomberg addresses a Georgetown audience on the state of the American economic crisis, the steps that should be taken and the steps that have not yet been taken. He characterizes federal responses to date as being akin to "buying an alcoholic a drink."Michael Bloomberg is an American businessman, philanthropist, and the Mayor of New York City. He was elected mayor in 2001, then reelected to a second term in 2005.Bloomberg graduated from Johns Hopkins University in 1964 with a bachelor's degree in electrical engineering, then earned an MBA from Harvard Business School in 1966. His 1997 autobiography was titled Bloomberg by Bloomberg.Bloomberg is the founder and former CEO of financial news and data company Bloomberg, L.P.

Todd Gaziano and Andrew Grossman, have an excellent new paper explaining why constitutional fidelity and prudent policy go hand in hand in fixing the credit crisis. For those of you who’ve read Heritage’s other work on this issue, you’ll want to have a look at this.